Fathom Nickel (CSE:FNI) is planning a 3,000m to 4,000m drilling program at the Gochager Lake Project in Canada, amid upsizing a previously reported placement to C$3.75 million ($3.95 million).
The drill program is expected to launch in mid-February 2026, comprising 10 holes to test areas along strike of the historical Gochager Lake deposit where the company recognises favourable geology, geochemistry, and geophysical signatures.
CEO Ian Fraser says the surface work performed in 2024-25 has expanded the geological and geochemical footprint of the Gochager Lake deposit along strike northeast and southwest.
“Our exploration priority at Gochager was first to understand the geologic setting of the historical deposit and then work on building ‘scale’,” Fraser says.
“The expanded geological footprint, specifically, mineralised variable-texture gabbro occurring up to 3.5km northeast of the historical deposit is very encouraging.
“Additionally, we look forward to testing areas of very robust multi-element soil geochemical anomalies to determine the underlying geology. All drillholes will be probed with borehole electromagnetic (BHEM) surveys, an exercise that has proven to be very successful within the historical deposit area.”
Further, as part of the upsized non-brokered private placement, charity flow-through units will be issued at C$0.048 per unit, and hard dollar units will be issued at C$0.031 per unit.
Crescat Capital has agreed to make a strategic investment for at least 10% of the upsized offering.
Fathom Nickel is a mineral explorer focused on targeting magmatic nickel sulphide discoveries to secure the supply of North American critical minerals.
Gochager Lake covers 23,110 hectares and is located 75km north-northeast of La Ronge and 22km west-northwest of Missinipe, Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: Fathom Nickel
